Uzbekistan-based company Uzum, backed by Tencent Holdings Ltd, is eyeing potential Initial Public Offerings (IPOs) in 2027 on venues such as Hong Kong, Abu Dhabi, and Nasdaq. The firm aims to launch an international bond issuance of USD 300 million in the first half of 2026.
Background and Recent Financing
Last month, Uzum secured a USD 1.5 billion valuation from investors, capitalizing on Uzbekistan’s youthful demographic—over half its 38 million population is under 30 years old. Services range from digital banking to food delivery.
Despite raising funds via bond sales in Tashkent, Uzum finds the local market insufficient for its capital needs due to low trading volumes on the Tashkent Stock Exchange. The company now seeks broader access to international markets.
About Uzum
Founded in 2022 and operating from Abu Dhabi, Uzum has expanded to serve over 17 million users. It benefits from its jurisdictional proximity to regional sovereign wealth funds that may participate in future fundraising.
In a recent funding round co-led by Tencent and VR Capital with support from FinSight Capital, the company raised USD 65 million. These funds will be used for product launches including a deposit service in September 2025, long-term credit facilities for B2C customers, growth in its merchant base, offering QR code payment solutions, expanding its Visa debit card program, and developing new SME-focused products.
